CEO & Chairman's Message

CEO & Chairman of Board's Message

Firstly it's my pleasure as the CEO of AsiaBaseMetals Inc. (the "Company" - Futura Capital Group Company) to convey my messages on the Company's website for you, the Company's valued shareholders, investors, guests and visitors. (Note: A Company Brochure is available in the Document Library)

To keep you informed, the CEO & Chairman of the Board Message provides CEO's Corporate-Update (providing warranted details), from time to time, as set out below.

Rajinder (Raj) Chowdhry - CEO & Chairman of Board

CEO'S CORPORATE-UPDATE

March 25, 2025

AsiaBaseMetals Inc. (the "Company" - Futura Group Company) is strategically positioning itself to capitalize on current changes in the mining sector (the "Mining-Sector"), with an anticipated upturn in the junior mining sector (the "Jr-Mining-Sector") to follow the upturn in the senior mining sector (the "Sr-Mining-Sector") already well entrenched (jointly, the "Mining-Sector Up-Turn") as forecasted in my March 25, 2025 update.

The Company to capitalize on the anticipated Jr-Mining-Sector's Mining-Sector Up-Turn is not only advancing its recently acquired (see News Release dated Dec 5, 2025) Jervis Project (100% owned - highly prospective VMS) & its long-held Gnome Project (100% owned) in line with prevailing market conditions, but also actively pursuing value driven projects/assets globally in safe mining friendly jurisdictions, with a strong preference for the Americas, for both exceptional early-stage and advanced projects in copper (Cu) , gold (Au), silver (Ag) and zinc (Zn). As such, the Company is now actively evaluating additional advanced projects for acquisition in safe jurisdictions, with a strong preference for the Americas and currently reviewing projects in Canada, the United States, Mexico, and Chile, with a focus on the copper and gold sectors.” The The Company's growth strategy is matched by the scale of opportunities before it.

Jervis Project

The highly prospective Jervis Project, comprising approximately 1,000 hectares of contiguous mineral claims, is strategically situated along the VMS-prospective trend of the Gambier Group in British Columbia, Canada which also hosts the Britannia VMS Deposit and the Rox Project (5,131 hectares) staked by Kenorland Minerals Ltd. in 2022 in BC, Canada, and exhibits strong potential for a Britannia Mine-style volcanogenic massive sulphide (“VMS”) deposit. The Britannia Mine is located approximately 55 km to the southeast, and the Rox Project approximately 20 km to the northwest of the Jervis property. This favourable geological setting underscores the Jervis Project’s strong potential for VMS mineralization. A review of publicly available past exploration data on the Jervis Project identified several noteworthy results, including a 9.1 m section of drill core assaying 0.2% Cu, a 1 m chip sample across a sediment-volcanic contact returning 24.9% Zn and 0.15% Cu, and an 80 cm chip sample with 9.98 ounces per tonne (“oz/t”) Ag, 1.92% Cu, and 0.16% Zn. (Kikauka, 1993). The 1993 soil sampling program outlined a strong, coherent Cu-Zn anomaly extending approximately 2 km in a broad northwest-trending band. In my judgement, the exploration programs previously conducted and publicly disclosed on this property likely represent an investment of approximately $750,000 to $1,000,000 in today’s dollars. Britannia produced roughly 47.8 million tonnes of ore averaging 1.1% copper (“Cu”), 0.65% zinc (“Zn”), 6.8 grams per tonne (“g/t “) silver (“Ag”), and 0.6 g/t gold (“Au”) (Minfile, 2008), making it the largest VMS deposit mined in British Columbia and the second largest discovered after Windy Craggy). The Britannia deposit which was mined for over 70 years was once the largest producer of copper in the countries forming the British Commonwealth. However, the Company cautions that mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization that may be hosted on the Jervis Project.

Gnome Project

The highly prospective Gnome Project, comprising approximately 1,000 hectares of contiguous claims, is strategically located in the Kechika Trough (the Kechika-Trough") of the regionally extensive Paleozoic Selwyn Basin (the "Selwyn Basin"), a region that also hosts several significant notable deposits (the "Significant Notable Deposits") in British Columbia, Canada. The Notable Deposits include the adjacent Cirque Deposit (owned by the [Teck & Korea Zinc Joint Venture ("T-KZ-JV" - 50% Each]; and Cardiac Creek (owned by ZincX, a junior miner) A comparison of the three projects is provided below for your convenience.) However, the Company cautions that mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization that may be hosted on the Gnome Project.

The Future of the Mining Sector

With the Company's Projects and direction having been outlined above, I'd like to turn my attention to the Mining-Sector Up-Turn referred to above.

But, before i do that i want you to review the Cautionary Note provided below.

CAUTIONARY NOTE: Pursuant to Regulatory Rules - I hereby inform you & acknowledge that my thoughts, opinions and statements which I'm about to share with you certainly likely considered forward-looking statements. As such, I urge & insist that you read the "Cautionary Disclaimer" available on the Company's website; especially because I'm required to inform you do so under Regulatory Rules.

Future of the Mining Sector - Assessment

The mining sector (the "Mining-Sector"), especially the junior mining sector (the "Junior Mining-Sector"), which has endured a cyclical downturn for over a decade (“Mining-Sector Decade-Long Downturn”) is finally expected to see a favorable positive shift (the "Mining-Sector Turn-Up"), and imminently; likely within the next six (6) to ten (10) months (the "Market Sector Turn-Up Time-Line"; and

Further, this Mining Sector Turn-Up will likely develop into the best Mining-Sector ever in the history of man-kind to date (the "Biggest Mining-Sector Bull-Market"); likely by the end of this decade (the "Mining-Sector Bull-Market Time-Line"), being by 2030; and

This optimistic view is driven by record-high gold prices exceeding $4,000 per ounce ("Record-High-Gold"- US$.4,379 per ounce October 17, 2025), alongside expected growing demand for commodities like Iron-Ore, Zinc, Copper, Silver, and Gold. Despite these bullish indicators, the Jr-Mining-Sector yet to regain significant investor traction as the mining industry transitions out of the disarray & Decade-Long Downturn.

NOTE: Forecast Time-Line as outlined may change , either way due to factors yet unseen - but surely ... "YOU KNOW - ITS ONLY MATTER OF TIME" ! ** (**Seeking Personal Financial Advisor's Agreement Recommended pursuant to Disclaimer)

I will next address he Biggest Mining-Sector Bull-Market: Drivers & Company's Plan (see below)

biggest mining-sector bull-market: drivers & company's plan

Biggest Mining-Sector Bull-Market Drivers

Time is Right for Company to Diversify & Take Advantage

Lack of Mineral Discoveries - discoveries over the last decade (during the Mining-Sector Decade-Long Downturn); and
Lead Times Required to Build Mines - especially with highly stringent environmental permitting issues being implemented (around the world); and
Growing Population World-Wide - high demand from the world's growing population; and
Demand from Developed Countries - high demand from already developed countries (the "Developed-Countries"), specially needing to replace old infrastructure (almost a century old); and
Demand from Developing Countries - high demand from developing countries (the "Developing-Countries") - China, India, and the continents of Africa and South America) due to increased urbanization of populations and general growth of the middle-class population; and
Demand due to Tariff Issues - high demand facing higher costs due to movement of commodities between countries.
Market Sentiment, which further support this view.

Time is Right for Company to Diversify & Take Advantage

Path Forward - Take advantage of the junior mining sector that has endured a cyclical downturn for over a decade (“Decade-Long Downturn”); and
Advance Gnome Project Forward - prudently under market conditions & timing of the granting of mining permits for adjacent Cirque & Cardiac Creek projects; and
Diversify Assets - through acquisitions; and
Acquire Mineral Assets At Favorable Prices - at today's low and reasonable acquisition costs (“Bargain-Prices”); and
Right Team Is Key: The Company's Team has the skills, experience & dedication to accomplish the diversification and advancement of the current projects while minimizing shareholder dilution to build & enhance shareholder value; and

Team's Past Performance: worth noting:

Gnome Project - now held by AsiaBaseMetals
Black Butte Copper Deposit - now held by Sandfire Resources America Inc.
Gahcho Kue Diamond Deposit - now held by Mountain Province Diamonds Inc.
Kolwezi Tailing Project - acquired by First Quantum & later sold.

The Right Team (Directors/Management & Advisors) is Key

The "Key to Innovation & Success in Mining Sector" is Taking Advantage of Cyclical Downturns

Right Team Is Key

An Experienced, Knowledgeable and Dedicated Team is a must for effective Diversification & Advancement of Projects Prudently (as outlined below), especially Under Adverse Market Conditions generating cyclical-downturns (Now Further Impacted By Trade-Wars). The Team must perform effectively, ensuring Minimization of Undue Shareholder Dilution, hence Enhancing Shareholder Value.

The Company led by an accomplished, successful, experienced and entrepreneurial business and mining team (the "Team" - consisting of the Directors, Management & Advisory Board) continues, as it has in the past, to minimize undue shareholder dilution while prudently advancing its current highly prospective Gnome-Project through mining sector's Decade-Long Downturn resulting from adverse market conditions. Conditions magnified by economic difficulties caused by the historic Covid epidemic’s supply-chain issues & resulting in high inflation rates that resulted in the implementation of increase in interest rates [highest rates in last forty (40) years] to fight inflation.

Team's past performance Is worth noting:

Jervis Project - Now held by AsiaBaseMetals ("AsiaBaseMetals: - a Futura Group Company) - A highly prospective strategically situated project along the VMS-prospective trend of the Gambier Group in British Columbia, Canada which also hosts the Britannia VMS Deposit and the Rox Project staked by Kenorland Minerals Ltd. in 2022. The Jervis Project exhibits strong potential for a Britannia Mine-style volcanogenic massive sulphide (“VMS ”- Cu, Ag, Au, Zn) - deposit). The project was acquired by the Company's Team in December 2025 in an area that is underexplored, for only staking costs representing "cents on the dollar for exploration work previously already conducted of between $750,000 to $1,000,000"; and "without significant dilution to shareholders"; &

Gnome Project - Now held by AsiaBaseMetals Inc. ("AsiaBaseMetals" - a Futura Group Company) - A highly prospective Zinc/Cobalt project in British Columbia, Canada acquired by the Company's Team during a similar Decade-Long Downturn as the present one. Note: Pursuant to the Company's business plan, when the Company first was listed onto the TSX Venture Exchange in 2009, immediately following the 2008 market demise due to the banking crisis, the Company upon the completion of an extensive review of global demand for various types of metals when metal prices were unfavorable and/or depressed, especially for Zinc & Cobalt acquired the Gnome Project at what "management believes to be exceptionally low price", representing "cents on the dollar for exploration work previously already conducted"; and "without significant dilution to shareholders"; &

Black Butte Copper Deposit - Now held by Sandfire Resources America Inc. (" Sandfire" - previously a Futura Group Company - Associate; previously named Tintina - name changed - January 31, 2018) in Montana, U.S.A acquired by the same Team during a similar Decade-Long Downturn as the present one, when I headed Tintina as its CEO (previously a Futura Group Company - Associate). This world-class Copper project is one of the highest grade copper projects in the world, and is now finally being put into production, with all permits (Mine Operating Permit - February 26, 2024 ) now in place with Win at the Monta Supreme Court Regarding Water Rights Ruling as of January 2, 2025.

Gahcho Kue Diamond Deposit - Now held by Mountain Province Diamonds Inc. ("Mountain Province Diamonds" - previously a Futura Group Company - Associate); &

Kolwezi Tailing Project (originally held by America Mineral Fields Inc. ("America Mineral Fields" - previously a Futura Group company - Associate - name changed to Adastra Minerals which was acquired by First Quantum - May 1, 2006).

The right time to Acquire Copper & Gold Assets is "now"

Team is Ready to Repeat Past Performance & "Again"

The right time to Acquire Advanced Copper & Gold Assets is "Now". Our Team can accomplish it, and "again" with your support, the shareholders/investors, as was done by the Team with the above noted (1) Black Butte Copper Deposit, (2) the Gahcho Kue Diamond Deposit, and (3) the Kolwezi Tailing Project , a project originally held by America Mineral Fields (name changed to Adastra Minerals which was acquired by First Quantum - May 1, 2006).

Well, it's "Time to Review the Facts".

Review of Facts - Jervis Project

The Facts - Gnome Project:

Gnome Project (the "Project"), a 100% owned Cobalt/Zinc exploration property is in the heart of an area that is home to both the Cirque deposit held by a Teck & Korea Zinc Joint Venture (T-KZ-JV) and the Cardiac Creek deposit (held by ZincX, a junior company).

Gnome Project Has Not Been Drill-Tested to Depth - "Yet" - (Cirque & Cardiac Creek Deposits are Deeper): Having drilled only a very shallow hole (only 80 m true depth - see News Release dated Oct. 25, 2019 ) to find a possible deposit amenable to open pit mining (since the Gnome Project at a lower elevation due to sloping down of the ground compared to both Cardiac Creek and Cirque) a deep hole is required.

Significantly Deeper Hole Required & Planned: a significantly deeper hole is required; knowing that all other adjacent deposits (Cirque and Cardiac Creek) are at considerable depth (approaching 350 m & deeper). This will be done when the time is right.

Planned Future Exploration Program: The extent and timing of future additional exploration work will be based not only on the market conditions for Zinc/Cobalt , but also on when the neighboring projects (Cirque & Cardiac Creek deposits), specifically the Cardiac Creek deposit is permitted for possible production.

See more ...

Review of Facts - Gnome Project

The Facts - Gnome Project:

Gnome Project Has Not Been Drill-Tested to Depth - "Yet" - (Cirque & Cardiac Creek Deposits are Deeper): Having drilled only a very shallow hole (only 80 m true depth - see News Release dated Oct. 25, 2019 ) to find a possible deposit amenable to open pit mining (since the Gnome Project at a lower elevation due to sloping down of the ground compared to both Cardiac Creek and Cirque) a deep hole is required.

Significantly Deeper Hole Required & Planned: a significantly deeper hole is required; knowing that all other adjacent deposits (Cirque and Cardiac Creek) are at considerable depth (approaching 350 m & deeper). This will be done when the time is right.

Planned Future Exploration Program: The extent and timing of future additional exploration work will be based not only on the market conditions for Zinc/Cobalt , but also on when the neighboring projects (Cirque & Cardiac Creek deposits), specifically the Cardiac Creek deposit is permitted for possible production.

See more ...

Comparing Projects - in Gnome Project Area (Kechika Trough)

Gnome Project - AsiaBaseMetals

Cardiac Creek Deposit - ZincX - PEA (2016)

Gnome Project - AsiaBaseMetals

Note: No Preliminary Economic Report (PEA) Prepared, nor Planned until Project is further advanced.

Exploration Costs to Date

(Estimate: Based on Current Day Rates)

Less than $1 million

(AsiaBaseMetals - Under $500 K)

See Details

Cirque Deposit - T-KZ-JV

Cardiac Creek Deposit - ZincX - PEA (2016)

Gnome Project - AsiaBaseMetals

Note: No Preliminary Economic Report (PEA) or other information is made available by T-KZ-JV (50% each).

Exploration Costs to Date

(Estimate: Based on Current Day Rates)

Over $80 million

(T-KZ-JV & Predecessors)

See Details

Cardiac Creek Deposit - ZincX - PEA (2016)

Pre-Tax NPV: $649 m

Capex: $ 257 m

Post-Tax IRR: 27%

Exploration Costs to Date

(Estimate: Based on Current Day Rates)

Over $100 million

(ZinX & Predecessors)

See Details

Kechica Trough (Selwyn Basin) Projects - Details

GNOME PROJECT

CARDIAC CREEK DEPOSIT/PROJECT

CIRQUE DEPOSIT/PROJECT

INVESTMENT TO DATE: Only Thousand's ($) Spent to date by AsiaBaseMetals

(Note: Since Project acquisition in 2009)

Ownership: Gnome Project is now owned 100% by AsiaBaseMetals.

Exploration Work Program of the Gnome Project (2018) Discovered:

Cobalt (Co) together with Zinc (Zn)
Cobalt Discovery together with Zinc -being the First in the Region (see results highlighted below).

NOTE:

Needless to say, the Project is in the "Right Area" with the Company maintaining and exploring the Project for the "Right Reasons", and at the "Right Time").

Let's next look at the Project's Highlights & Advantages (see below).

See Details

CIRQUE DEPOSIT/PROJECT

CARDIAC CREEK DEPOSIT/PROJECT

CIRQUE DEPOSIT/PROJECT

INVETMENT TO DATE: Estimated - In Excess of $80 Million at today's cost - spent to date by Teck/Korea Zinc JV (T-KZ JV - 50% each) & previous owners. (Note: Teck has not disclosed amounts spent to date).

Ownership: Cirque deposit is now held 100% between Teck Resources Limited ("Teck") and Korea Zinc ("KZ") through a joint venture (T-KZ JV - 50% each).

In 1995 a Prefeasibility study was completed for an open-pit mine operation with a 7.3:1 stripping ratio and reserves of 18.5 million tonnes at 8.1 per cent zinc and 2.2 per cent lead (Exploration and Mining in BC 2013). A feasibility study in 1995 indicated that better market conditions would be required to mine the orebodies. Prior to 1995, 360 diamond drill holes (74,262 metres had been completed on the property, including 27 holes targeting the North Cirque orebody, 32 holes targeting the South Cirque orebody, and 11 exploratory holes north of the main orebodies).

Pursuant to British Columbia Ministry of Energy and Mines Report (2013), drilling delineated historical resource estimates for the North Cirque zone and the South Cirque zone.

Historic drilling has delineated a non-compliant indicated resource of the North Cirque orebody of over 38.5 million tonnes averaging 8 per cent zinc, 2.2 per cent lead, and 47.2 grams per tonne silver, and an inferred resource of the South Cirque orebody of 15.5 million tonnes averaging 6.9 per cent zinc, 1.4 per cent lead and 32 grams per tonne silver (Assessment Report 34274).

Note:

see page 37 of Teck's Annual Information Form - 2023

See Details

CARDIAC CREEK DEPOSIT/PROJECT

INVETMENT TO DATE: Estimated- Approximately $100 Million Spent to date by ZincX

Ownership: Cardiac Creek deposit is now held 100% by ZincX

PEA: Pursuant to 2016 Preliminary Economic Report ("PEA") the deposit has:

Pre-Tax NPV of $649 million; and
Capex of $257 million; and
Post-Tax IRR of 27%

NOTE:

Company's Market Cap - Approximately $18 m (due to depressed market conditions; commencing in 2008)

See Details

Gnome Project Highlights & Advantages

Reduction of Exploration Costs: The Companies advancing the Cirque and Cardiac Creek deposits, especially the Cardiac Creek deposit will likely continue to upgrade the infrastructure and the access in the area to allow for possible production, thereby, in my opinion continually reducing the exploration and access costs in the area.

Gnome Project Claim Size Optimized/Adjusted - Based on Exploration Work: The Company having performed exploration work on the Project has, based on the work performed, adjusted its claim holdings and will perform additional work; as directed by market conditions and progress of neighboring projects, as referred to previously.

Gnome Project Not Yet Tested to Depth - (Cirque & Cardiac Creek Deposits are Deeper): Having drilled only a very shallow hole (only 80 m true depth - see News Release dated Oct. 25, 2019 ) to find a possible deposit amenable to open pit mining (since the Gnome Project due to sloping down of the ground compared to both Cardiac Creek and Cirque) a deep hole is required , as all other adjacent deposits (Cirque and Cardiac Creek) are at considerable depth (approaching 350m and deeper). This will be done when the time is right.

Gnome Project has showing of Cobalt - First in the region, together with Zinc: Sampling has indicated that the Project has Cobalt in addition to Zinc; being the first project in the Kechika Trough to have Cobalt.

Several Areas Identified (A through F) - For Drill Testing With Deeper Drill Holes (125+ m). more..

CLOSING REMARKS

Risk Management: As you all appreciate, the Mining Industry is considered a high-risk business. "To mitigate Risk", even when drilling the best of properties, with immense potential, one needs to add additional prospective advanced projects, especially when the time to do so is opportune, as is the case now.

Focused Team - Delivering Shareholder Value: The Company's whole team is focused on delivering shareholder value to all shareholders of the Company, as can be seen to date. I not only serve the Company, the Company's team, each of the Company's Shareholders, and each community and country where the Company conducts business; I also do it as a significant shareholder [as per my shareholder filings on the System for Electronic Disclosure by Insiders ("SEDI")].

The Company & I thank you: for your valuable time to read my Update Message, it is truly appreciated. Further, your continued support as the "Company having Forward Thinking" creates and delivers results and value for all shareholders. I recommend that you view the Company's Brochure (t e "Brochure") available on the Company's website (in the Document Library Section) for more information & details. and read the full Disclaimer provided on the Company's website.

"Raj Chowdhry"

CEO & Chairman of the Board

NOTE: Click Here - To Read Full Disclaimer - Covering All Content & Statements Above

CEO & Chairman of the Board's Message - "Building & Enhancing Shareholder Value"

CEO & Chairman of Board's Message

CEO's Corporate-Update: Provided Below

CEO'S CORPORATE-UPDATE

biggest mining-sector bull-market: drivers & company's plan

Biggest Mining-Sector Bull-Market Drivers

Time is Right for Company to Diversify & Take Advantage

Time is Right for Company to Diversify & Take Advantage

Time is Right for Company to Diversify & Take Advantage

Time is Right for Company to Diversify & Take Advantage

Time is Right for Company to Diversify & Take Advantage

The Right Team (Directors/Management & Advisors) is Key

The "Key to Innovation & Success in Mining Sector" is Taking Advantage of Cyclical Downturns

The right time to Acquire Copper & Gold Assets is "now"

Team is Ready to Repeat Past Performance & "Again"

We are in Right Area, for Right Reasons & at the Right Time

Review of Facts - Jervis Project

The Facts - Gnome Project:

Review of Facts - Gnome Project

The Facts - Gnome Project:

GNOME PROJECT -DISCOVERY OF C0BALT WITH ZINC

Comparing Projects - in Gnome Project Area (Kechika Trough)

Gnome Project - AsiaBaseMetals

Cardiac Creek Deposit - ZincX - PEA (2016)

Gnome Project - AsiaBaseMetals

Cirque Deposit - T-KZ-JV

Cardiac Creek Deposit - ZincX - PEA (2016)

Gnome Project - AsiaBaseMetals

Cardiac Creek Deposit - ZincX - PEA (2016)

Cardiac Creek Deposit - ZincX - PEA (2016)

Cardiac Creek Deposit - ZincX - PEA (2016)

Kechica Trough (Selwyn Basin) Projects - Details

GNOME PROJECT

CARDIAC CREEK DEPOSIT/PROJECT

CIRQUE DEPOSIT/PROJECT

CIRQUE DEPOSIT/PROJECT

CARDIAC CREEK DEPOSIT/PROJECT

CIRQUE DEPOSIT/PROJECT

CARDIAC CREEK DEPOSIT/PROJECT

CARDIAC CREEK DEPOSIT/PROJECT

CARDIAC CREEK DEPOSIT/PROJECT

Gnome Project Highlights & Advantages

CLOSING REMARKS

The Power of Discovery "Advancing Current Projects & Acquiring Advanced Projects of Tomorrow"

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